By Josh Nelson
There is a lot going on in the financial world, and as a financial planner, I get excited because we love change! The nice thing about being a financial professional is that every day I get to come to work, and the world changed a little bit. The financial world changed. The political environment changed. Legislation passed. Certain things get said in the media that impacts the markets. And then, of course, our lives change. So I love my job. I get to have a great impact on people’s lives every single day. And I’ve never been more excited about my business, the financial planning industry, and helping clients.
This year presents us with some new opportunities. One of the most recent changes that we’ve seen is the Tax Cuts and Jobs Act, major tax legislation, has passed and it is the most far reaching tax legislation that we have seen in 30 years. The opportunities that clients will have this year include making adjustments to their investment strategies, their retirement planning strategies, and planning for other goals, such as college education. The tax legislation not only reduces income tax rates for most Americans but also for corporations. The lower tax rates will have a significant impact on corporate earnings, allowing companies to increase employee pay and benefits, hire additional employees, and make additional capital investments. This is welcome news for the stock market and the economy.
Change creates opportunity. Use the change in tax law to your advantage as you make your financial plans for 2018 and beyond.